Scope of the Code

HOW IS THE CODE APPLIED? (CODE PRINCIPLES)

The provisions of the Code will be applied having regard to the:

  • requirement of Code Members to meet the standards established at general law and statute, in particular but in no way limited to the following (as amended from time to time):
    • Corporations Act 2001 (in particular Chapter 7);
    • Insurance Contracts Act 1984;
    • Australian Securities and Investments Commission Act 2001;
    • Competition and Consumer Act 2010; and
    • Privacy Act 1988
    To the extent the Code may be found to be inconsistent with any Commonwealth, State or Territory law, that law always prevails.
  • fact that insurance policies and arrangements between Code Members, Clients and insurers and their agents are substantially governed by the above legislation;
  • need for Code Members to provide fair, honest and diligent services to enhance and maintain public confidence in insurance brokers and insurance intermediaries;
  • need for Clients of Code Members to be made aware of the provisions of the Code; and
  • need to promote competition and cost efficiency in the insurance industry and to ensure flexibility and innovation in the development and enhancement of products and services for Clients of Code Members.